Two-Unit Duplex with Separate
For Sale
$299,999
345 Phelps Street, Scranton, PA 18509
Residential Income, Scranton, PA
Property Size1,845 SF
Lot Size0.12 Acres
Price / SF$162.60
Days on Market49
Property Features for 345 Phelps Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 2
Basement
Unfinished, Block, Walk-Up Access
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
From Mulberry St. travel on Wyoming Ave towards Green Ridge Take a left at Phelps St. 345 is first house on the right.Latitude: 41.417901 Longitude: -75.656174
Standard status
Active
APN
14512050080
Size
1,845 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
40X140x35x140 Bldg & Land W-07 B-0200 L-013A P-01400
Tax Annual Amount
3965
Legal Description
40X140x35x140 Bldg & Land W-07 B-0200 L-013A P-01400
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Listing Agency:
ERA One Source Realty · ERA Real Estate
(570) 587-9999
Listed By:
Manju Verma · License #RS375147
(570) 877-2778
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 23 at 11:06AM
MLS# SC263187
Copyright © 2026 Greater Scranton Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex offers separate utilities and separate entrances, with both units currently fully rented. Unit 1 features two bedrooms, a living room, a kitchen, one bathroom, and a patio. Unit 2 features two bedrooms, a living room, a kitchen, one bathroom, and a backyard. Tenants pay gas and electric.
Built in 1920, the property sits on a 0.12-acre lot and contains 1,845 square feet. It is located at 345 Phelps Street in Scranton, PA (18509) in Lackawanna County. The location provides walkability to grocery stores, downtown Scranton, and restaurants, with easy access to major hospitals and universities.
The separate utility setup can simplify tenant billing, while the two-bedroom unit layouts may support a range of long-term rental needs in the area.
Built in 1920, the property sits on a 0.12-acre lot and contains 1,845 square feet. It is located at 345 Phelps Street in Scranton, PA (18509) in Lackawanna County. The location provides walkability to grocery stores, downtown Scranton, and restaurants, with easy access to major hospitals and universities.
The separate utility setup can simplify tenant billing, while the two-bedroom unit layouts may support a range of long-term rental needs in the area.
Key Highlights
- Two fully rented units with separate utilities and separate entrances
- Unit 1: two bedrooms, one bath, patio
- Unit 2: two bedrooms, one bath, backyard
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,215
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.07%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$304,300
$304.3K
Cap Rate 7%
$217,357
$217.4K
Cap Rate 9%
$169,056
$169.1K
Market Conditions
NOI Build-Up for 1,845 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$23.2K $12.60/SF
− Vacancy
−$1.5K −$0.82/SF
EGI
$21.7K $11.78/SF
− OpEx
−$6.5K −$3.53/SF
NOI
$15.2K $8.25/SF
Area
Lackawanna County, PA
Vacancy
6.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$304,300
Cap Rate 7%
$217,357
Cap Rate 9%
$169,056
Alternative Uses
Best Use
Multifamily LT 5
$217.4K
$190.2K – $253.6K
NOI $15,215 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$203.2K
$177.8K – $237.1K
NOI $14,224 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$468.3K
$409.8K – $546.4K
NOI $32,781 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,131
Businesses Nearby
Explore this area
Business Placement
Demographics for 18509, PA
13,720
Population
6,017
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
3.0 sq mi
ZIP Area
4,573
Density / Sq Mi
$52,206
Median Household Income
$31,657
Median Earnings
$991
Median Rent
$176,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - R1-zoned duplex built in 1920 with separate utilities, separate entrances, and two fully rented 2-bedroom units.
Where is this duplex located?
The property is located at 345 Phelps Street Scranton, PA.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: Two fully rented units with separate utilities and separate entrances; Unit 1: two bedrooms, one bath, patio; Unit 2: two bedrooms, one bath, backyard
